USDC or USD Coin is a StableCoin that is pegged to the U.S dollar. That means 1 USDC = 1 USD. USDC is one of the most popular StableCoins (second to Tether) and is issued by Coinbase, one of the most trusted names in crypto. Stablecoins allow you to easily move dollars from crypto wallets to exchanges and other platforms and services.
Previously, it wasn’t easy for Australians to buy USDC but you can now buy it through CoinSpot:
Buy USDC in Australia
USDC has now been listed on CoinSpot. You can both buy and sell it on CoinSpot. This means you can send it into CoinSpot and withdraw it for AUD right to your bank account. And alternatively you can send AUD to CoinSpot (via bank transfer or BPay) and purchase USDC.
Here is how to buy USDC on CoinSpot:
- Sign up to CoinSpot here
- Verify your account
- Deposit AUD – I use the PayID/Osko method which lets you transfer money to coinspot instantly and securely from your bank account
- Buy USDC!
USDC can be used for a number of things in the crypto space. Here are some of my favourites:
Earn Interest on your USDC
These days, banks no longer offer any meaningful interest on deposits. But in the crypto world, thanks to decentralised lending you can now earn interest on your crypto deposits:
Dharma is one of my favourite tools for earning interest on StableCoins. It’s a non-custodial service. Which means you retain ownership over your keys and your tokens. Dharma is basically a user-friendly interface for the compound lending platform. Compound is a decentralised network of borrowers and lenders powered by smart contracts. Using Compound is very complicated, but using Dharma is super simple. You simply send your coins to an Ethereum address and they start generating interest. You can send both Dai and USDC.
BlockFi is like a bank for the crypto world. They issue loans to institutional investors. And you can deposit crypto to earn interest on it. Interest compounds and can be withdrawn for free at any time.
Trade using USDC
My favourite platform for trading crypto with USDC is FTX. They are a derivatives exchange. This means you can open leveraged positions to both long and short different cryptos. You can deposit a number of different StableCoins including of course USDC.
You can also trade with USDC on the Coinbase Pro platform. This is a regular crypto exchange. Even though it’s called “Coinbase Pro”, anyone can use it, and I’ve found it to be one of the most user friendly exchanges.